Turkey Unable to Strike Deal with Chevron, RWE

According to a report from Reuters, talks with Turkey about oil and gas exploration have stalled with both US Chevron and German RWE Dea. A Turkish TPAO executive revealed Thursday that the country has not been able to agree on a deal with either company.

Both Chevron and RWE have been in talks with the country to finalize agreements for each to engage exploration and development operations in Turkey's Black Sea.

"There are topics on which we could not agree with Chevron, and Chevron has officially announced it is not interested in petrol exploration in the Black Sea at this time," Reuters cited Mehmet Uysal, TPAO's general manager saying.

However, a Chevron official speaking on the condition of anonymity said that the company continued to be interested in the deal with Turkey and hoped for further discussions on the issue, reports Reuters.

Turkey claims that its portion of the Black Sea holds approximately 10 billion barrels of oil and 1.5 trillion cubic meters of natural gas.